Member Info for Jimmy23

This "development justified" stage will be followed by the implementation of engineering, procurement and post-FID construction until the first quarter of 2025, when production is expected to begin. Pierre Raillard presented the field development plan for each of the planned stages: FEED (Front End Engineering Design) project management according to the established contractual strategy, the development of the Anchois well, an overview of the integrated infrastructure, the layout of the offshore flowline and the underwater production system (SPS), the shoreline approach and its directional drilling option, the pipe-laying and construction support vessel arrangement, the onshore pipelines and finally the last key piece, namely the gas processing plant. A "stress on the supply in the short to medium term" This was followed by a general presentation of the national and regional gas markets by Steve Husbands of SLR Consulting, then by that of Younes Maamar focused on the potential of the Anchois project. The consultant, who traded his ONEE boss hat for a Chariot construction helmet, predicted "a stress on supply in the short to medium term".

On November 2 in Rabat, a decisive meeting was held between Chariot Ltd and Leila Benali in the presence of representatives of ONHYM, ONEE, Finance and Industry. The British exploration company has outlined the opportunities and requirements of its program to start production of the offshore gas field of Anchois early 2025. The Desk reveals the details According to our information, a decisive information meeting on the gas development project of the Anchois field located on the marine permit of Lixus Offshore off Larache was held on November 2 in Rabat. It was marked by the presence of Leila Benali, Minister of Energy Transition, Adonis Poulouris CEO of Chariot Ltd, its director for Morocco and head of gas activities, Pierre Raillard, Younes Maamar, senior advisor to Chariot, as well as representatives of the Office National des Hydrocarbures et des Mines (ONHYM), the Office National de l'Electricité et de l'Eau Potable (ONEE) and the Ministries of Economy and Finance and of Industry and Trade. Objective of the conclave: to jointly review the progress of the project and study the conditions necessary for its increase in strength in view of the national and geostrategic issue that it constitutes in terms of energy sovereignty, as well as economically. According to the presentation that was made and of which The Desk obtained a copy, the program provides for an effective entry of gas production in 2025, thus strengthening the energy security of Morocco in the beginning of the Nigeria-Morocco gas pipeline megaproject, the Anchois field constituting its Moroccan embryo, which could even lead to an export of surplus quantities to Europe. Discovered by Repsol in 2009, the Anchois gas showed in 2019 a potential of 55 meters of net producing area. This permit is held since 2019 by Guernsey-based Chariot Limited (75%) and ONHYM (25%). Chariot is the operator of Lixus, which has an area of 1,794 km². The junior has executed an extensive work program including 3D seismic reprocessing, commercial feasibility studies for the development of the Anchois field and the drilling of the Anchois-2 appraisal and exploration well, as well as the identification of new deposits and prospects in the Lixus license. In 2022, geologist Melissa Chin explains in the resource assessment presentation, the integration of post-well data has allowed for a more thorough understanding of the reservoirs and the advancement of the field development plan through geological and dynamic modeling, the document's opening statement reads. The year also saw the evaluation of the exploration portfolio of the Anchois-2 well results to calibrate the seismic correlation of the gas sands. In addition, a successful drilling campaign of the Anchois-2 well from December 21 to January 22 and the confirmed extension of the Anchois-1 reservoirs to advance the development plan. Volumes of material have been discovered in new reservoirs, it is reported, and a calibration of subsurface data interpretation

https://mobile.ledesk.ma/enclair/gaz-offshore-danchois-le-plan-de-chariot-expose-a-benali-pour-une-production-prevue-des-2025/

Jimmy

I don’t accept that history of occupation is a legal basis for one country to invade another. Would uk invade India ?
We are all entitled to our views but what is clear is that Europe will not become dependant on Russia for gas again, so higher natural gas prices are here to stay and that’s good news for gas production in morroco such as predator and chariot
Jimmy

Thanks for the update on capital gains tax and dividend thresholds.
In the event of a successful gas testing programme I am expecting predator to move swiftly into production, I don’t see how it could pay a dividend till it earns the profits and has positive retained earnings on its balance sheet.
A more likely outcome is a takeover, which would be a capital gain
Jimmy

Looks like a 17 p close, slow but steady progress, nice volume late in the day.
Jimm

The chariot corporate presentation reports that the pipeline and processing plant have a planned capacity of 105 mmcf per day.initial production likely to be 70 mmcf per day as additional sales agreements are concluded.
Jimmy

Keith.
Usually former directors and employees have a fixed period to exercise their share options after leaving. So those options might have expired shortly if not exercised.
Jimmy

Should have said coal is nearly double the emissions of gas.
J

The crazy thing about minister Ryan is that by holding up the issue of licence for gas exploration wells he is increasing irelands dependency on coal powered power generation for base load power which nearly double the co2 emissions of coal.
And he is a green member of parliament.
How serious is that.
Jimmy

My understanding is that there is to be a full corporate update by year end, so I am assuming that means before Xmas.
Jimmy

Getting a 1000 ft gas column is a 10% chance as you state, so a 90% chance of not getting it it.
I would be very pleased if predator get 20 to 25 mmcf per day flow rate and confirms the contingent gas resources reported by the competent person.
Jimmy

My reading of that statement is that pg is ready to farm out or sell the company if the right offer is made after a successfull mou 1 and 2 flow testing.
However, I think there is money money to be made by getting into cashflow asap and use the funds to drill out the numerous prospects in the licence without diluting equity holders, would achieve a higher price to then sell.
A corporate dividend is really a waste if the high potential of the area is confirmed by mou 1 and 2 flow testing.
Jimmy

Hi billy,
The reason I invested is that there is a minimum of 21 meters of logged gas at mou, which is highly likely to be enough to be economical. I am assuming a minimum of 10 million mcf per day from each of mou 1 and 2 , with upside.
I don’t see the cng market initially being more than 20 million per day, but that’s plenty to generate cashflow to drill out the area to prove up the remaining prospects, and the sell the company or the asset..
With regard to corrib south , it’s a great prospect, but for a large number of reasons it’s several years away from being drilled.
For me the investment is all about Morocco now.
Jimmy

With SDX energy reporting a 90% success rate from last ten wells onshore chariots offshore acreage, perhaps investors are beginning to understand the potential of chariots 635 bcf of 2c undeveloped resources and 4.5 tcf of prospective resources covered by 3D seismic and direct hydrocarbon indicators.
Jimmy

Foot and mouth
Getting a combined flow rate of 50mmcf per day from mou 1 and mou2 is certainly possible , however I doubt there is a market for cng at $16 mcf for that full amount. My guesstimate is 20 mmcf for industry at $16 mcf and the balance would need to be for power generation at $8 to 10. Mcf .
Need to red numbers
Jimmy

CeoB,
The fly needs to be worked if it’s wet or dry fly fishing.
Now if you were to dap with a mayfly you can let the wind do most of the work.
J

Thanks for clarifying.
It needed to be a bit clearer.
With regard to 85% chance for the oil prospect, I just don’t see the data to support that.
Jimmy

Thanks for posting the comments of GRh
I have not followed his posts previously but did read a post of his on this board recently.
I appreciate that Pg is very enthusiastic about the oil prospect, but I have just seen one slide on the oil prospect and so there is very little data to comment on it.
We know that the gas in the Miocene is thermogenic, so it may come from a deeper accumulation, possibly an oil accumulation.
The carbonate reservoirs offshore are mostly tight non reservoir quality, the onshore prognosis is that the carbonate reservoirs are shallower and because of multiple basin inversions it has acquired reservoir qualities, got to drill to find out. I look forward to the cpr on the prospect to get a better understanding of the risk.
I appreciate that GRH is enthusiastic about the mou gas project and a possible follow on oil exploration well, however a 15% chance which he suggests seems like a long shot, an 85 % chance of failure.
Whereas gas prospect drilling in the larger basin has an 85% success rate, puzzled by that 15% chance of success.
Jimmy

7% decline rate not unusual